China News

World Trade Organization Director General Pascal Lamy on Monday acknowledged the Geneva-based grouping has been a “disappointing” forum for trade liberalization but placed the blame for moribund world trade talks on both China and the United States. Lamy, in a …

Following Lloyd’s release of its composite results for the first six months of 2012 – a £1.53 billion [$2.4 billion] profit – Lloyd’s chief executive Richard Ward was understandably pleased. In a telephone interview he explained that the figures are …

China has eased restrictions on foreign companies in parts of its insurance, travel and delivery industries in a possible effort to reverse a slide in investment from abroad, an American business group said Friday. Some of the measures were promised …

Despite ludicrous claims to the contrary, Western sanctions have hurt Iran’s crude oil exports, but it’s also not all gloom and doom. In unsurprising, but obviously factually incorrect, remarks, the director of international affairs at the National Iranian Oil Co. …

Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …

Willis China, part of Willis Group Holdings, announced that the Chinese Insurance Regulatory Commission (CIRC) has granted approval for it to open a new office in Harbin, a first for a foreign broker and Willis’ 22nd office in the country. …

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” of Japan’s NIPPONKOA Insurance Company Ltd. Best also affirmed the FSR of ‘A’ (Excellent) …

According to catastrophe modeling firm AIR Worldwide Typhoon Haikui, the 11th typhoon of 2012 Pacific season, made landfall in Hepu Township in Xiangshan County of China’s Zhejiang Province at 3:20 am local time Wednesday, August 8. Maximum sustained winds at …